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Registration number: 05415187

Harbourside Construction (SW) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Harbourside Construction (SW) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Harbourside Construction (SW) Limited

Company Information

Directors

Mr Samuel Nicholas Hill

Mr Ian Hill

Registered office

17 Branksome Close
Preston
Paignton
Devon
TQ3 1EA

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Harbourside Construction (SW) Limited

(Registration number: 05415187)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

65,114

20,534

Current assets

 

Debtors

5

6,100

1,000

Cash at bank and in hand

 

21,483

-

 

27,583

1,000

Creditors: Amounts falling due within one year

6

(103,961)

(35,945)

Net current liabilities

 

(76,378)

(34,945)

Total assets less current liabilities

 

(11,264)

(14,411)

Provisions for liabilities

(2,710)

-

Net liabilities

 

(13,974)

(14,411)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(13,976)

(14,413)

Shareholders' deficit

 

(13,974)

(14,411)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

.........................................
Mr Samuel Nicholas Hill
Director

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Branksome Close
Preston
Paignton
Devon
TQ3 1EA

These financial statements were authorised for issue by the Board on 5 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of the directors

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicle

25% reducing balance

Office equipment

25% reducing balance

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

3,450

45,774

4,236

53,460

Additions

529

47,220

36,300

84,049

Disposals

-

(45,774)

-

(45,774)

At 30 June 2023

3,979

47,220

40,536

91,735

Depreciation

At 1 July 2022

2,343

28,010

2,573

32,926

Charge for the year

409

11,805

9,491

21,705

Eliminated on disposal

-

(28,010)

-

(28,010)

At 30 June 2023

2,752

11,805

12,064

26,621

Carrying amount

At 30 June 2023

1,227

35,415

28,472

65,114

At 30 June 2022

1,107

17,764

1,663

20,534

5

Debtors

Current

2023
£

2022
£

Trade debtors

5,100

-

Prepayments

1,000

1,000

 

6,100

1,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

60,287

-

Trade creditors

 

-

618

Taxation and social security

 

406

(1)

Accruals and deferred income

 

3,308

1,533

Other creditors

 

39,960

33,795

 

103,961

35,945

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,196

-

Hire purchase contracts

49,091

-

60,287

-

9

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Other payments made to company by director
£

At 30 June 2023
£

Mr Samuel Nicholas Hill

Samuel Hill

(641)

-

(41,316)

(41,957)

-

-

-

-

 

(641)

-

(41,316)

(41,957)

       

Mr Ian Hill

Ian Hill

(33,374)

33,374

-

-

-

-

-

-

 

(33,374)

33,374

-

-

       

 

 

Harbourside Construction (SW) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr Samuel Nicholas Hill

Samuel Hill

-

-

(641)

(641)

-

-

-

-

 

-

-

(641)

(641)

       

Mr Ian Hill

Ian Hill

(37,891)

4,517

-

(33,374)

-

-

-

-

 

(37,891)

4,517

-

(33,374)

       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,213

14,281

Dividends paid to directors

   

2023
£

 

2022
£

Mr Samuel Nicholas Hill

       

Interim dividends paid

 

-

 

-